Directorate Changes
Directorate
Changes
Seneca Growth Capital VCT Plc (the "Company")
18 May 2023
Appointment of Non-Executive Director and
Appointment of Chair of the Audit
Committee
Non-Executive Director
The Board of Seneca Growth Capital VCT Plc is
delighted to announce that Mary Anne Cordeiro was today appointed
to the Board as non-executive Director of the Company. Mary Anne
has also joined the Company’s Audit Committee.
Mary Anne brings to the Board extensive
knowledge of both the VCT and growth capital investment sectors,
having been an advisor to or executive of innovative companies in
the healthcare and technology sectors for over twenty years. Mary
Anne has served as a non-executive Director of Albion Technology
& General VCT Plc (“AATG”) from 2013 until 2023, following its
merger with Albion Income & Growth VCT Plc where she had served
as a non-executive Director from 2004. Having served nine years as
non-executive Director, more recently as Senior Independent
Director and Chair of the Remuneration Committee, Mary Anne is
retiring from the AATG Board today. Mary Anne is also the Founder
and Managing Director of Science to Business Limited which
specialises in advising medical technology businesses on
fundraising and commercialisation strategy. Prior to this Mary Anne
had a fifteen-year career in international corporate finance as a
M&A Investment Banker at Goldman Sachs International Limited,
Vice President at Bankers Trust Company and Managing Director of
Paribas’ Financial Institutions Group. Mary Anne holds a MA (Hons)
in Chemistry from the University of Oxford and is a member of the
University of Oxford’s Department of Chemistry Development
Board.
Mary Anne will stand for election at the Annual
General Meeting of the Company to be held in 2024. There is no
additional information required to be disclosed pursuant to Listing
Rule 9.6.13 in relation to the appointment of Mary Anne.
Chair of the Audit
Committee
We are also pleased to announce that further to
Richard Roth’s retirement from the Board , with effect from today’s
Annual General Meeting, Alex Clarkson has been appointed as Chair
of the Audit Committee. Alex qualified as a Chartered Accountant
with PwC in 1998 and has served as an independent non-executive
Director of the Company and been a member of the Audit Committee
since 2019.
These appointments are in accordance with the
Board’s succession plans as outlined in the Company’s 2022 Annual
Report, which was published on 21 April 2023.
Board Composition
The Board maintains its composition of four
non-executive Directors, comprising three independent non-executive
Directors and one representative of the Company’s Investment
Manager, Seneca Partners Limited.
The Company’s Board is mindful of the new
Listing Rule requirements which came into force for accounting
periods starting after 1 April 2022 which require the Company to
either comply with, or explain its non-compliance with, new rules
intended to improve the diversity of publicly listed Boards.
The new rules seek to achieve 40% Board
representation from women, one senior board position to be held by
a woman and one Director to be from an ethnic minority background.
Whilst the Company does not yet fully comply with the requirements,
the Board will continue to work to improve the Board’s composition,
providing suitable candidates possess the key skills and experience
required for the position. The Board will always appoint the best
person for the job. It will not discriminate on the grounds of
gender, race, ethnicity, religion, sexual orientation, age or
physical ability. The Board also fully supports the aims of the
Hampton Alexander Report, the Parker Review and the renewed focus
and emphasis on diversity in the AIC Code of Corporate
Governance.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc
at john.hustler@btconnect.com
Richard Manley, Seneca Growth Capital VCT Plc
at Richard.Manley@senecapartners.co.uk
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